Meaningless Talk About Fiscal Responsibility
Canada must remain "fiscally responsible" in responding to tough economic times as forecasts of a recession grow louder, Justin Trudeau says. The phrase rolls off his tongue without context.
"Fiscal responsibility" in fact for his social class means reducing social programs and assistance to individuals in need and telling them to "Fend for yourself!" in the face of price inflation and a mean-looking recession and disturbing prospects of WWIII looming on the horizon. It means "targeted" spending to pay the rich for promised jobs in factories, mines and other global enterprises over which the people have no control.
Trudeau nuanced his "fiscal
responsibility" saying, "We know that we need to help people who
need help without putting at risk our fiscal stability or
contributing further to inflation. That's why remaining fiscally
responsible and measured in our response is essential because we
have to prepare for whatever might come in the coming weeks and
months."
In other words, helping people contributes to price inflation, so not helping people is good for the economy and all this without knowledge of "whatever may come in the coming weeks and months." The entire nonsense is to cut off any discussion as to what is going on in the economy and why human beings supposedly cannot bring their own economy under control and make it work for them.
Meanwhile, the mass media are reporting dire predictions for the economy. Chantal Hébert writes in thestar.com, "Recession forecasts grew louder this week after the International Monetary Fund on October 11 cut its global growth forecast for 2023.... (It) indicated a third of the world economy will likely contract by next year.
"Carney (former Bank of Canada governor) on Thursday (October 20)told a Senate committee that Canada is likely headed for a recession next year amid 'difficult economic times,' but backed the Liberal government's current 'fiscal discipline' in tackling high inflation."
Now we have "fiscal discipline" thrown into the mix, apparently a policy feature of the same Prime Minister who favours "fiscal responsibility." Again the words are spoken without context, just words without meaning to cause confusion and avoid any real analysis and discussion.
Hébert then introduces more dancing demons into the mix, writing, "Deputy Prime Minister and Finance Minister Chrystia Freeland said the nation was going to face an 'economic slowdown' soon. She teased that Ottawa will share with 'some precision' its projections for the economy in its fall economic statement."
Explaining Freeland's musings Hébert writes, "The prime minister's 2015 campaign promise to run deficits is a commitment he has more than fulfilled over his past seven years in office.
"But as Finance Minister Chrystia Freeland prepares for her fall fiscal update, she has apparently decided the party is over.
"In a note to her cabinet colleagues obtained by the Star earlier this week, Freeland spelled out some ground rules pertaining to the financing of new projects.
"Those will, at least in part, have to be paid for out of existing ministerial budgets. In other words, some of the needed money will have to be drawn from program cuts."
So the Prime Minister and his deputy both in their own convoluted way say that by cutting programs Canada has the "fiscal capacity" for "fiscal responsibility and discipline" to deal with the "difficult days ahead for Canada's economy and for the economies of all of our friends and allies around the world."
Well that is not very reassuring and certainly does not put our minds at ease. Our leaders say they are thinking about dealing with the problems in the economy even though they can say nothing concrete except offhand stock comments that something really bad is looming and that social programs are on the block.
Hébert concludes, "Trudeau said he has heard about the challenges Canadians are currently facing.... 'We've made a commitment to be there for Canadians as a government,' Trudeau said."
Are Canadians supposed to be comforted that their leader "has heard about the challenges" they are facing but can say nothing scientific about the concrete conditions of the economy and the necessity for a new direction? Or that his deputy trots out the tired old line of fiscal restraint and cutting programs to solve problems, which in essence solve nothing and make life worse for the people and economy.
This points to the challenge Canadians must take up to have their own thinking and analysis of a new direction to solve the intrinsic problems of the economy and resolve its festering contradictions and mobilize others around their views. For starters: Stop paying the rich, increase investments in social programs, make Canada a zone for peace and bring into being a new pro-social aim and direction for the economy to meet the needs of the people and humanize the social and natural environment.
This article was published in
Volume 52 Number 11 - November 2022
Article Link:
https://cpcml.ca/Tmlm2022/Articles/M520112.HTM
Website: www.cpcml.ca Email: editor@cpcml.ca